Hormel Foods Corp. (HRL) Issues Quarterly Earnings Results

Hormel Foods Corp. (NYSE:HRL) announced its earnings results on Tuesday. The company reported $0.45 earnings per share for the quarter, missing the consensus estimate of $0.46 by $0.01. The business had revenue of $2.63 billion for the quarter, compared to the consensus estimate of $2.62 billion. Hormel Foods Corp. had a net margin of 8.96% and a return on equity of 20.06%. The firm’s revenue was up 9.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.37 EPS. Hormel Foods Corp. updated its FY17 guidance to $1.68-1.74 EPS.

Hormel Foods Corp. (NYSE:HRL) opened at 35.86 on Wednesday. Hormel Foods Corp. has a one year low of $33.70 and a one year high of $45.72. The stock’s 50 day moving average price is $37.10 and its 200-day moving average price is $36.76. The stock has a market cap of $18.98 billion, a P/E ratio of 23.29 and a beta of 0.52.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, February 15th. Stockholders of record on Tuesday, January 17th will be issued a dividend of $0.17 per share. This is an increase from Hormel Foods Corp.’s previous quarterly dividend of $0.15. The ex-dividend date is Thursday, January 12th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.90%. Hormel Foods Corp.’s payout ratio is currently 37.79%.

Several brokerages have weighed in on HRL. Edward Jones raised Hormel Foods Corp. from a “hold” rating to a “buy” rating in a research note on Friday, September 16th. Vetr downgraded Hormel Foods Corp. from a “strong-buy” rating to a “buy” rating and set a $42.00 price objective on the stock. in a research note on Thursday, September 22nd. Credit Suisse Group AG raised Hormel Foods Corp. from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $38.00 to $43.00 in a research note on Monday, August 22nd. BMO Capital Markets raised Hormel Foods Corp. from a “market perform” rating to an “outperform” rating and set a $44.00 price objective on the stock in a research note on Friday, August 19th. Finally, Zacks Investment Research raised Hormel Foods Corp. from a “hold” rating to a “buy” rating and set a $44.00 price objective on the stock in a research note on Tuesday, August 23rd. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $40.33.

In other Hormel Foods Corp. news, VP Brian Dean Johnson sold 3,500 shares of the stock in a transaction on Tuesday, September 27th. The stock was sold at an average price of $38.00, for a total value of $133,000.00. Following the transaction, the vice president now directly owns 26,119 shares in the company, valued at approximately $992,522. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Steven G. Binder sold 12,000 shares of the stock in a transaction on Thursday, October 13th. The shares were sold at an average price of $37.98, for a total value of $455,760.00. Following the completion of the transaction, the insider now owns 41,622 shares in the company, valued at $1,580,803.56. The disclosure for this sale can be found here. Corporate insiders own 3.54% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in HRL. Van ECK Associates Corp raised its position in shares of Hormel Foods Corp. by 32.8% in the second quarter. Van ECK Associates Corp now owns 2,734 shares of the company’s stock worth $100,000 after buying an additional 676 shares during the last quarter. Checchi Capital Advisers LLC raised its position in shares of Hormel Foods Corp. by 3.8% in the second quarter. Checchi Capital Advisers LLC now owns 2,762 shares of the company’s stock worth $101,000 after buying an additional 100 shares during the last quarter. Global X Management Co. LLC raised its position in shares of Hormel Foods Corp. by 192.9% in the second quarter. Global X Management Co. LLC now owns 2,794 shares of the company’s stock worth $102,000 after buying an additional 1,840 shares during the last quarter. Mizuho Asset Management Co. Ltd. raised its position in shares of Hormel Foods Corp. by 285.8% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 3,380 shares of the company’s stock worth $124,000 after buying an additional 2,504 shares during the last quarter. Finally, Huntington National Bank raised its position in shares of Hormel Foods Corp. by 40.0% in the second quarter. Huntington National Bank now owns 3,500 shares of the company’s stock worth $128,000 after buying an additional 1,000 shares during the last quarter. Hedge funds and other institutional investors own 34.56% of the company’s stock.

WARNING: This piece of content was reported by The Cerbat Gem and is the propert of of The Cerbat Gem. If you are viewing this piece of content on another domain, it was illegally stolen and reposted in violation of international trademark and copyright legislation. The original version of this piece of content can be accessed at https://www.thecerbatgem.com/2016/11/23/hormel-foods-corp-hrl-issues-quarterly-earnings-results.html.